Beauty discovery app Brandefy secured $1.7 million in funding from a group of angel investors and venture capital funds.
WHO: Founded in 2017 by University of Virginia graduate Meg Greenhalgh Pryde, Brandefy is changing the way people discover beauty products. The centerpiece of Brandefy is its iOS app, which has nearly half a million downloads. Users can compare formulas, ingredients, and prices to identify the best options for their needs/budgets. Brandefy reveals a 79% ingredient match and shares a detailed user review that breaks down differences in performance, packaging, and ingredients. An overall similarity rating tells users how close two products are, helping to guide them to the ideal product for their needs.
WHY: Brandefy is disrupting the traditional approach to buying beauty products. The new capital will help the company introduce its app on Android devices and develop a range of skincare products called Skincall.
IN THEIR OWN WORDS: "The investment round enables us to scale our new brands,” Brandefy founder and CEO Meg Pryde told the Richmond Times Dispatch. "I think we are very uniquely positioned because we have this e-commerce platform, so essentially we are vertically integrating. It allows us to launch on the Android app, which our consumers have been eagerly awaiting for a year and a half."
- Brandefy received $1.7 million in investment from the Community Fund, Concept to Co, and Red Bike Capital, as well as angel investors.
- This funding brings the total raised to date to about $2.5 million.
- The Brandefy app has nearly 500,000 downloads on iOS devices and is projected to help more than 30 million people make better choices on beauty products.
- The brand will launch the first product under the Skincall brand in September.
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